{"id":"circulars/cssf-25-876","title":"Circular CSSF 25/876","type":"circular","date":"2025-02-17","kind":"circular","html":"

Circular CSSF 25/876 is a CSSF circular, published 17 February 2025 and updated 25 February 2025. Subject: Application of the Guidelines of the European Banking Authority on redemption plans under Articles 47 and 55 of Regulation (EU) 2023/1114 (EBA/GL/2024/13).

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Main topic: Markets in Crypto-Assets (MiCA/MiCAR). Keywords: Crypto-assets.

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Circular CSSF 25/876 Application of the Guidelines of the European Banking Authority on redemption plans under Articles 47 and 55 of Regulation (EU) 2023/1114 (EBA/GL/2024/13)

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Circular CSSF 25/876 Application of the Guidelines of the European Banking Authority on redemption plans under Articles 47 and 55 of Regulation (EU) 2023/1114 (EBA/GL/2024/13) To all the issuers, as defined in Article 3(1), point 10 of Regulation (EU) 2023/1114 1 (“MiCAR”), of asset-referenced tokens (“ARTs”) and e-money tokens (“EMTs”) as defined in Article 3(1), points 6 and 7 of MiCAR.

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Luxembourg, 17 February 2025 Ladies and Gentlemen, The purpose of this circular is to inform you that the CSSF, in its capacity as competent authority, applies the Guidelines of European Banking Authority (the “EBA”) on redemption plans under Articles 47 and 55 of MiCAR (Ref. EBA/GL/2024/13) (the “Guidelines”), published on 9 October 2024. Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach with a view to promoting supervisory convergence in this field at European level.

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  1. The Guidelines The Guidelines are issued by the EBA on the basis of Article 47(5) of MiCAR pursuant to Article 16 of Regulation (EU) No 1093/2010. The Guidelines apply as from 10 February 2025. The Guidelines specify (a) the content of the redemption plan, (b) the periodicity for review and update of such a plan, and (c) the triggers for implementation of the redemption plan that issuers of ARTs and issuers of EMTs have to draw up and maintain operational according to Articles 47 and 55 of MiCAR. The
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Guidelines

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are

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attached

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this

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circular

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and

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are

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available

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the

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EBA’s

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website

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https://www.eba.europa.eu/.

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  1. Scope of application This circular shall apply to issuers of ARTs and EMTs as defined in Article 3(1), points 6 and 7 of MiCAR.
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Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in cryptoassets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937

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  1. Date of application This circular shall apply with immediate effect.
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Annex

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EBA Guidelines on redemption plans under Articles 47 and 55 of Regulation (EU) 2023/1114 (EBA/GL/2024/13)

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EBA/GL/2024/13 09/10/2024

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Final Report on Guidelines on redemption plans under Articles 47 and 55 of Regulation (EU) 2023/1114

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FINAL REPORT ON GUIDELINES ON REDEMPTION PLANS UNDER ARTICLES 47 AND 55 OF REGULATION (EU) 2023/1114

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Contents 1. Executive Summary

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    Background and rationale

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    Guidelines

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    Compliance and reporting obligations

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    Subject matter, scope and definitions

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    Implementation

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    Redemption plans

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4.1 Proportionality considerations

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4.2 General principles and objectives of the redemption plan

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4.3 Content of the redemption plan

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4.4 Periodicity of the review and update

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4.5 Triggers

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  1. Accompanying documents
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4.1

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Cost-benefit analysis / impact assessment

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4.2

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Overview of questions for consultation

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4.3

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Feedback on the public consultation

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FINAL REPORT ON GUIDELINES ON REDEMPTION PLANS UNDER ARTICLES 47 AND 55 OF REGULATION (EU) 2023/1114

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  1. Executive Summary A redemption plan has to be developed by each issuer of an asset-referenced token (ART) or of an e-money token (EMT) to ensure the orderly redemption of the tokens when the competent authority assesses that the issuer is ‘unable or likely to be unable to fulfil its obligations’.
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The text above is the opening of the document; the PDF carries the whole.

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Document page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.

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